Total Seal Piston Rings, a Chicago-based manufacturer of high-performance piston rings, has been sold to an investment group led by Promus Equity Partners, Jon Vesely and Total Seal President Matt Hartford.
Joe Moriarty founded Total Seal more than 50 years ago.
The sale was finalized June 7, and released in a joint statement by Joey Moriarty, son of founder Joe Moriarty; Promus Equity Partners; Vesely; and Hartford.
“My dad would be pleased that Matt is carrying on Total Seal, maintaining the integrity of the company and furthering our position as the leaders in Piston Ring technology for racing and high-performance markets,” Joey Moriarty said.
Hartford added: “I’m looking forward to continuing our development of the very latest in piston-ring designs for the racing and automotive industry. We have some very exciting new advancements that will further solidify our leadership position.”
Hartford served as vice president of the company since joining Total Seal in 1998, and now is the CEO and president. Hartford previously was a nuclear engineer in the U.S. Navy.
“We’re grateful to partner with Total Seal’s Matt Hartford to position the company for its next chapter with a plan to make ongoing investments in the company to serve our valued customers all over the globe for years into the future,” Promus Equity Partners and Vesely said in a statement. “Total Seal has a reputation of leading the industry in all the markets it serves and we are very excited about the future for the company, building on their strengths and expanding their reach.”